APM Terminals (APMT), part of A.P. Moller-Maersk (Maersk), has announced it will divest its minority stake in Russian container terminal operator Global Ports Investments PLC (GPI).
Maersk said APMT has entered into a binding agreement to sell its 30.75 per cent shareholding to its partner Delo Group, who also owns 30.75 per cent of the shares in GPI.
The company first announced its decision in March 2022.
The news follows Maersk’s decision to discontinue activities in Russia due to the ongoing conflict in Ukraine.
The Danish giant announced that the transaction has been undertaken on an arm’s length basis and includes an ability for APMT to re-enter the partnership with Delo in the future.
“We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia”, says Keith Svendsen, CEO of APMT.
With the divestment of its shares, APMT will no longer be involved in any entities operating in Russia or own any assets in the country.
The transfer of share ownership will take place after regulatory approvals have been obtained according to Maersk’s statement.
Last week, the proposed $1 billion deal between China International Marine Containers Ltd. (CIMC) and Maersk Container Industry (MCI) fell through after US authorities blew the whistle on the deal.